Overseas spending by South Korean tourists will likely surpass that of Japanese tourists for the first time this year.

The Bank of Korea (BOK) and the Korea Culture and Tourism Institute said Monday that South Koreans spent a record 21-point-seven billion U.S. dollars last year, narrowing the gap with the Japanese figure to 100 million dollars.

Overseas spending by Japanese tourists reached 38-point-two billion dollars in 2004, compared to 26 billion dollars of South Korea.

The institute said that this year’s figure for South Korea will likely surpass that of Japan, as the Japanese yen is falling due to Japan’s weak yen policy while the Korean currency is appreciating.

About nine million South Koreans traveled abroad during the first seven months of the year, up five percent year-on-year.